I will say, if you get to know the market then you increase your ability to spot a deal and your courage to act on it.

We've had the best results from mid grade berber with a dark cream + spotted pattern.

@Cassidy Burns I am a HUUUGE fan of electronic payments.

A family that lived there had a little kid who colored on it with marker and left some marker spots on it.

But we still have 6 spots for the tennant to sign the lease, 1 signature line for the 6 page lease but then 5 more for lead base paint, asbestos, sub-metered utilities, hold harmless for a lake, mobile home right of first refusal.

This makes it a hot spot right now.

By forgoing the rent increase, I'm probably costing myself about $120 ($10/month), but I think I make up for it by getting her off money orders and onto electronic transfers.

@Kelly N. is spot on about the scam that starts with the con offering to pay in advance and mailing a check for too much.

If your working capital is not super high or is fixed don't use it all up after spotting one good deal.

If you're keeping it as a rental just keep your tenant pool in mind, as there are some rough spots in the harbor.